09/30/2019 The following data were taken from the record of Best Company 08/31/2019 Inventories Raw Materials ? Work in process P80,000 Finished Goods P60,000 Raw materials purchases P46,000 Factory overhead, P63,000 which is 75% of direct labor cost Selling and Administrative Expenses, 12.5%, P25,000 Net Income for September 2011, P25,000 P50,000 P95,000 P78,000 23. What is the cost of raw materials inventory on August 31, 2019? Worley Company has under applied overhead of P45,000 for the year. Before disposition of the underapplied overhead, selected year-end balances from Worley's accounting records were Sales Cost of Goods Sold Direct Materials Inventory Work in Process Inventory Finished Goods Inventory P1,200,000 P720,000 P36,000 P54,000 P90,000 24. Under Worley's cost accounting system, over or under applied overhead is allocated to appropriate inventories and cost of goods sold based on year-end balances in it's year end income statement. Worley should report cost of goods sold of